Presco’s profit rises 37% as revenue hits N23.89bn

Presco Plc has reported an increase of 36.98 percent in its profit after tax for the 2020 financial year, compared to the previous year.

The company said its after-tax profit rose to N5.26 billion in 2020 from N3.84 billion a year earlier, according to its audited financial statements.

Its profit before tax grew to N8.69 billion last year from N6.06 billion in 2019 as revenue rose to N23.89 billion from N19.72 billion.

Presco specialises in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products.